SDM-BANK received a 10-year loan in the amount of USD 7,5 million.
28.11.2007Last week SDM-BANK received a 10-year loan in the amount of $7.5 million from WorldBusiness Capital, Inc. to finance its portfolio of loans to small and medium-sized enterprises (“SMEs”). The loan is supported by the Overseas Private Investment Corporation (“OPIC”), an agency of the U.S. government.
SDM-BANK, which just celebrated the 15th anniversary, offers services mainly to small and medium enterprises in Moscow and in 6 other regions of Russia. The bank’s SME loan portfolio exceeds $150 million.
“I am pleased that we received a 10-year facility to finance our growing SME loan portfolio. Our customers are beginning to invest more and more in projects that have longer gestation periods. For these projects, long-term financing is essential. With the loan from WorldBusiness Capital, SDM-BANK is now in a position to meet the financing needs of SMEs that are making these sorts of investments,” commented Mr. Maxim Solntsev, Chief Executive Officer of SDM-BANK.
The loan was made by WorldBusiness Capital, a commercial finance company specializing in loans to SMEs operating in emerging markets. The company was established in 2003 by a group of professionals with unrivaled experience in international lending. WorldBusiness Capital has successfully closed loans in high growth international markets throughout the world.
Mr. Brett N. Silvers, WorldBusiness Capital’s CEO, stated that “Our firm is proud to support SDM-BANK, a financial institution that is well-prepared to succeed in Russia’s dynamic economy.” According to Mr. Robert D. Monyak, the Chief Lending Officer of WorldBusiness Capital, “We look forward to a highly-productive, long-term relationship with SDM-BANK and its strong, progressive management.”
OPIC was established as an agency of the U.S. government in 1971. OPIC’s political risk insurance and financing helps U.S. businesses invest overseas. It fosters economic development in more than 150 new and emerging markets. In 2003 OPIC entered into a cooperative agreement with WorldBusiness Capital, Inc. to expand support for SMEs investing overseas.